GBP/USD respects pivot point

Source: Dukascopy Bank SA


The retracement downwards of the Pound against the US Dollar found support in the weekly simple pivot point at 1.2162. On Tuesday morning, the pair was approached by the 100-hour simple moving average near 1.2180 and it appeared to have started to push the pair up.

A surge of the Pound against the US Dollar might encounter resistance in the 1.2250 level and the 50-hour simple moving average. Higher above, take into account the 1.2300 and 1.2350 levels, which have acted as resistance.

However, a potential decline of the Pound against the US Dollar would look for support in the weekly simple pivot point at 1.2162 and the 1.2150 level. Further below, the 200-hour simple moving average might slow down a decline, before the pair reaches the 1.2100 and 1.2050 levels.
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